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Seventh Circuit examines "pay-if-paid" provision

Construction Lawyer

His book, Legal Guide to AIA Documents, published by Aspen Publishing, is in its fifth edition. Fidelity had issued a payment bond, but Fidelity refused to pay after the owner declared bankruptcy, and BMD sued Fidelity. He is also a founding member of the Society of Illinois Construction Attorneys.

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STATE INCENTIVES GUIDE

Buisness Facilities Contributed Content

The private sector participant finances 50 percent of the project cost and takes a first lien on assets pledged as collateral. The SBA takes a second lien on assets and finances up to 40 percent of the project cost, up to $1 million in some cases. Borrowers inject 10 percent in the form of cash or equity in real estate.

Income 75
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State by State Incentives Guide

Buisness Facilities Contributed Content

A key component of HPIP is the completion of the Project Description form, which must be submitted to the Department of Commerce prior to the company signing any document, such as a lease or purchase agreement, which commits the company to locating or expanding in Kansas. For all other counties, the minimum investment threshold is $50,000.

Income 108